TORONTO, March 2 Sears Canada Inc
said on Friday it is shutting down three of its flagship stores
in Vancouver, Calgary and Ottawa, in a move that will allow it
to raise capital to reinvest in store refreshes at other
The company plans to shut stores at the Vancouver Pacific
Centre, the Calgary Chinook Centre and the Ottawa Rideau Centre
by Oct. 31 and return the stores to developer Cadillac
Fairview Corp Ltd for C$170 million.
All three stores are located at centers owned and managed by
Cadillac Fairview, the company said. The transaction is expected
to close on or around April 20.